RBC Capital Markets reiterated their outperform rating on shares of Seattle Genetics Inc. (NASDAQ:SGEN) in a research report sent to investors on Monday. They currently have a $62.00 price target on the stock, up from their previous price target of $55.00.
SGEN has been the topic of a number of other reports. Morgan Stanley initiated coverage on shares of Seattle Genetics in a research note on Wednesday, September 7th. They issued an overweight rating and a $60.00 target price on the stock. Leerink Swann reaffirmed a buy rating and issued a $62.00 target price on shares of Seattle Genetics in a research note on Friday, September 16th. Goldman Sachs Group Inc. downgraded shares of Seattle Genetics from a neutral rating to a sell rating in a research note on Friday, September 16th. Needham & Company LLC reaffirmed a buy rating and issued a $72.00 target price (up from $60.00) on shares of Seattle Genetics in a research note on Wednesday, June 29th. Finally, Credit Suisse Group AG reaffirmed a buy rating on shares of Seattle Genetics in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. Seattle Genetics currently has a consensus rating of Hold and a consensus target price of $51.53.
Seattle Genetics (NASDAQ:SGEN) opened at 52.29 on Monday. The firm’s market cap is $7.35 billion. Seattle Genetics has a 52-week low of $26.02 and a 52-week high of $57.83. The company’s 50 day moving average is $51.98 and its 200-day moving average is $43.25.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.09. The business had revenue of $95.40 million for the quarter, compared to the consensus estimate of $94.56 million. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. Seattle Genetics’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period last year, the firm posted ($0.38) earnings per share. On average, equities analysts predict that Seattle Genetics will post ($1.00) EPS for the current fiscal year.
In other news, COO Eric Dobmeier sold 5,411 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $46.59, for a total value of $252,098.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Clay B. Siegall sold 4,042 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $45.20, for a total transaction of $182,698.40. The disclosure for this sale can be found here. 33.30% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. MSI Financial Services Inc boosted its stake in Seattle Genetics by 114.0% in the third quarter. MSI Financial Services Inc now owns 1,866 shares of the company’s stock valued at $101,000 after buying an additional 994 shares during the period. First National Bank of Omaha bought a new stake in Seattle Genetics during the third quarter valued at $201,000. Bristlecone Advisors LLC bought a new stake in Seattle Genetics during the third quarter valued at $227,000. Cupps Capital Management LLC bought a new stake in Seattle Genetics during the third quarter valued at $919,000. Finally, Perigon Wealth Management LLC bought a new stake in Seattle Genetics during the second quarter valued at $1,212,000. Hedge funds and other institutional investors own 97.93% of the company’s stock.
Seattle Genetics Company Profile
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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